Etisalat Nigeria’s parent company Etisalat Abu Dhabi has all but pulled out completely from the Nigerian telecommunications market after new key stakeholders like the Central Bank of Nigeria (CBN) took control of the telco and installed a new management team last week.
Following its failure to repay a consortium of banks it owed $1.2 billion, Etisalat Nigeria saw its parent company transfer its 45% stake and 25% preferential shares in the telco to a trustee for the Banks called United Capital.
It also saw a host of key members of its management staff including its Chairman Mr. Hakeem Bello Osagie, its CEO and CFO all tender in their resignation.
Now Etisalat has all but completed its exit from Nigeria and will only allow the Nigerian telco operate with its brand name for the next three weeks before it is phased out.
“Abu Dhabi’s Etisalat has terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria,” the chief executive of Etisalat International Hatem Dowidar told Reuters on Monday.
He, however, said that discussions were ongoing with Etisalat Nigeria to provide technical support for the firm in weeks ahead.